Edmonton Spring Summer 2021

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THREE WAYS YOU’RE RISKING YOUR BUSINESS IN 2021It’s been many months of lockdowns andrestrictions, and the strain is showing everywhere.And unless your business operates on one of therare models that benefit from a pandemic, you areprobably growing a little weary of hanging on.With more virulent COVID-19 strains slipping intoour communities while vaccine delivery hits newbarriers and case numbers continue to rise, mostof us are looking forward with a fluctuating mix ofoptimism and concern. It is becoming clear,despite what anyone wants, that the real recoveryis many months away.That means as entrepreneurs and businessleaders, we are still miles away from predictabletimes. And what’s worse is that many areoperating in ways that drive up, rather thanminimize, their future risk.Here are three risk factors I’m seeing daily, andactions to turn each one around.Sticking Your Head in the Sand. The singlebiggest contributor to bad debt writeoffs isprocrastination. Even during good times, by thetime an account is flagged as a true problem, itcan often be beyond recovery. During a financialcrisis like this, 60 is the new 90. Tighten, ratherthan loosen your standard timeframes to beahead of the pack when an account is strugglingto pay. It’s important to perceive recovering debtas a race against other creditors, where anyonebut the winners will miss out big-time. Clientswho send us overdue accounts promptly areseeing dramatically faster results and a high rateof of success than those who wait. Get your headout of the sand and back into the game!The Sunk-Cost Mentality. Experts in behaviouraleconomics remind us that humans have afoolhardy but hardwired inclination to languishon prior efforts and expenses, despite that wewould be far wiser to invest our energy in creatingfuture successes than on trying to extract valuefrom the past. When you send an account to yourcollection agency, you can achieve the best ofboth worlds—maximizing your Net Back whilereturning your mental focus to the skills andexpertise that create future value.Failure to Evolve. Many businesses that are
already recovering from a significant impact aresucceeding through reinvention. Meanwhile, thosestruggling the most are the ones with a “wait withfingers crossed” recovery strategy, merely hopingthings return to the way they were before theeconomy went into the dumpster. News flash: theworld is different, and the future will in many waysnever resemble the past. The best time to find aplace for your business in this new normal was ayear ago. The second best time is now.If your business is putting off dealing with cash flowissues, focused on sunk costs or if your recoveryplan is heavily reliant on bygone strategies, youurgently need to make changes.There’s an exciting new future ahead, and you wantto be part of it. My team and I can help. Remember,you can submit overdue accounts for collection dayor night with MetCredit’s secure online debtrecovery platform. And be sure to download myBusiness Recovery Guide using the link below forhelp creating your own smart and actionable plan.Brian SummerfeltPresident and CEO of MetCredit, Canada’stop-performing consumer and commercialcollection agency
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Edmonton Spring Summer 2021

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